1. FOUNDATIONS OF ENTREPRENEURSHIP
Class Two: The Entrepreneur and the Entrepreneurial Mindset
Elikem Nutifafa Kuenyhia
Management Consultant & Corporate Lawyer

2. AGENDA: Recap of Class one Introducing the entrepreneur
Traits of entrepreneurs
Other factors influencing entrepreneurs
Are entrepreneurs made or born?
Entrepreneurs vs. Managers
Behaviours typical of Ghanaian entrepreneurs
Why some entrepreneurs fail
Types of entrepreneurs
Some celebrated Ghanaian entrepreneurs

3. Introducing the Entrepreneur
An entrepreneur is the person who initially ‘dreams the dream (or vision)’ or who buys into an existing dream (or vision), which dream, coupled with the entrepreneur’s energy, passion and dedication drives the process of moving a venture from a mere idea into an enterprise providing products or services that people value and are often (but not always) willing to pay for.
Entrepreneur develops dream into a vision then mobilises resources to achieve the vision
The dreamer is the ‘founding entrepreneur’
Other instances in which on may become an entrepreneur include acquisition and franchising.

4. Traits of an Entrepreneur
Interpersonal skills
Ability to become ‘connected’
Self-confidence and Optimism
Salesmanship
Passion
Risk-taking
Flexibility
Unsentimental (about a particular idea)
Discipline
Opportunity obsessed
Initiative
Desire for responsibility
realists

5. Traits of Entrepreneur (cont’d)
Energetic and hardworking
Sense of mission
Tolerance for ambiguity
Committed
Resilient
Resourcefulness
Future oriented
Unwilling to submit to authority

6. Other factors influencing entrepreneurs
Entrepreneur’s background
Age
Educational level

7. Are entrepreneurs born or made?
Many Ghanaians desire to own their own business
According t Shefsky some dreams remain in the ‘dream drawer’ and are never launched
Shefsky maintains that entrepreneurs are made and not born although certain groups have a greater predisposition to become entrepreneurs
Examples of such groups include migrants and children of entrepreneurs

8. Entrepreneurs vs. Managers
Entrepreneurs create, managers maintain the status quo
Managers handle risks differently from entrepreneurs -Shefsky
Managers are more concerned with risks, entrepreneurs with reward
As an enterprise becomes more stable, entrepreneurs may have to give way to managers to take over
An entrepreneur may however play both roles if he has the necessary managerial skills

9. Behaviours typical of Ghanaian entrepreneurs
Inability to separate self from business
Personality driven
Lack of planning
Do not listen
Spreading too thinly
Lack of trust
Control
Cutting corners
Inability to think big
Unwilling to stick it out
Competency dependence

10. Why entrepreneurs fail
Social, Environmental and Technological factor reasons
Over-optimism
Over-engagement in task oriented activities
Approach to decision making
Underestimation of competition
Inadequate investment of product or service development

11. Different types of Entrepreneurs
Lifestyle vs. High Growth Entrepreneurs
Religious Entrepreneurs
Political entrepreneurs
Social entrepreneurs
Opportunity vs. Necessity Entrepreneurs
Intrapreneurs
Extrapreneurs

12. The State as an Entrepreneur
Arguably, the state becomes an entrepreneur when it is involved in establishing enterprises that circumvent the deficiencies usually associated with public management and competes effectively with the private sector
Capital for the state’s entrepreneurial activity is provided by the state
State enterprise may be run by civil servants or public workers or sometimes private sector individuals
A recent example of state entrepreneurship is GIMPA

13. Some celebrated Ghanaian entrepreneurs
Captain (rtd) Kofi Amoabeng (Unique Trust)
Alhaji Asoma Banda (Antrak Group of Companies)
Mr. Ernest Bediako-Sampong (Ernest Chemist Ltd.)
Mr. R. A. Darko (Mechanical Lloyd Co. Ltd.)
Mr. Mark Davies (Busy Internet)
Mr. Herman Chinery Hesse ( SOFT Tribe)
Dr. (Mrs.) Esther Ocloo (Modern Caterers Company)
Mr. Ken Ofori-Atta (Databank Financial Services)
Mr. Sandy Osei-Agyemang (Slid Industries)
Mr. Kwasi Twum (Multimedia Broadcasting Corporation)
Mrs. Elizabeth Villars (Camelot Ghana Ltd.)

14. THE KING OF TRAVEL: PAK-WO SHUM
Case:
THE KING OF TRAVEL: PAK-WO SHUM

15. The End
Questions?